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(Sharecast News) - Conroy Gold and Natural Resources announced the appointment of John Sherman as its new chairman on Monday, following the recent passing of its founder and former chairman Richard Conroy.
The AIM-traded firm said Sherman, who previously served as deputy chairman, was assuming leadership as it advanced its flagship project, the 'Discs of Gold', a district-scale gold exploration initiative in Ireland.
It said the Discs of Gold project spanned two parallel gold-bearing trends over about 90 kilometres and was centred on the Clontibret gold deposit, which holds an estimated resource of 517,000 ounces of gold at a grade of two grams per tonne.
The area, along with seven additional targets in the company's licensed territory, offered substantial growth potential.
Recent geological analysis had drawn comparisons between the Discs project and significant gold deposits in Australia and Atlantic Canada, underscoring the project's scale and potential.
Conroy Gold's re-logging of over 30,000 metres of core aimed to refine its geological model and guide the next phase of investment, including potential joint ventures.
The company's exploration was focussed on a promising seven kilometre corridor between Clontibret and the Clay Lake target, where previous drilling identified extensive zones of gold mineralisation.
Notably, the Clontibret site sat atop a historic antimony mine, adding strategic value as global demand for antimony rises due to its critical status.
"I am honoured to have the confidence of my fellow directors to lead the company as we all work diligently to commercialise its Discs of Gold project through the development of a mine," John Sherman commented.
"The geological team has initiated an intensive programme to re-log drill core, whose main purpose is to extract more comprehensive and consistent information from the drill core that will underwrite a more robust geological model to assist in identifying the controls to higher grade mineralization."
Sherman said the work would further inform the company's choices in the next round of major investment in the ground.
"Simultaneously, the company is actively engaging with interested parties to develop partnerships to accelerate and fund the next phases of the Discs of Gold project."
At 0903 GMT, shares in Conroy Gold and Natural Resources were up 3.23% at 4.8p.
Reporting by Josh White for Sharecast.com.
